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Federal High Court sentences two Chinese nationals to 46 years each
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Convicted over N3.4bn money laundering, $2.5m USDT crypto fraud
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Court orders forfeiture of assets, community service, repatriation
Justice Daniel Osiagor of the Federal High Court, Ikoyi, Lagos, on Wednesday sentenced two Chinese nationals to 46 years’ imprisonment each for their involvement in a large-scale cryptocurrency fraud and money laundering scheme.
The convicts, Huang Haoyu (alias Ken) and An Hongxu, directors of Genting International Co. Limited, were found guilty of laundering over N3.4 billion and transacting more than $2.5 million in USDT (Tether) through fraudulent channels.
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The judgment followed a dramatic twist during proceedings when both defendants changed their initial not guilty pleas to guilty after the Economic and Financial Crimes Commission (EFCC) presented witnesses and extensive documentary evidence.
Prosecution counsel, Bilkisu Buhari-Bala, urged the court to impose the maximum penalty, noting that some charges related to alleged destabilisation of Nigeria’s economic structure carry the possibility of life imprisonment.
Although Justice Osiagor sentenced them to 46 years each, he provided an option of a N56 million fine.
The court also ordered that the convicts undertake three days of community service and be repatriated to China after serving their sentence and completing the community service.
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In addition, the court directed the forfeiture of assets recovered during the investigation, including:
1,596 mobile phones and thousands of SIM cards
43 computer systems, 194 routers and a network server
Over 500 office tables and 2,100 chairs
126 air-conditioning units, generators and vehicles
Several household items recovered from properties in Victoria Island and Ikoyi
However, a third defendant, Friday Audu, maintained his not guilty plea and will continue to face trial separately.
The EFCC told the court that the convicts conspired in 2024 to manipulate computer systems and allegedly recruited Nigerian youths to impersonate foreign nationals for financial gain, in violation of the amended Cybercrimes Act 2024.
The anti-graft agency described the conviction as a significant milestone in Nigeria’s fight against transnational cybercrime.
